ADVFN Logo ADVFN

We could not find any results for:
Make sure your spelling is correct or try broadening your search.

Trending Now

Toplists

It looks like you aren't logged in.
Click the button below to log in and view your recent history.

Hot Features

Registration Strip Icon for discussion Register to chat with like-minded investors on our interactive forums.

WAG Australian Wealth Advisors Group Ltd

0.30
-0.01 (-3.23%)
02 Dec 2024 - Closed
Delayed by 20 minutes
Share Name Share Symbol Market Type
Australian Wealth Advisors Group Ltd ASX:WAG Australian Stock Exchange Ordinary Share
  Price Change % Change Share Price Bid Price Offer Price High Price Low Price Open Price Shares Traded Last Trade
  -0.01 -3.23% 0.30 0.30 0.31 0.30 0.30 0.30 8,000 23:11:29

Walgreen 4Q Earnings Drop 1.6%, But Co Beats Views

29/09/2009 1:31pm

Dow Jones News


Australian Wealth Advisors (ASX:WAG)
Historical Stock Chart


From Dec 2019 to Dec 2024

Click Here for more Australian Wealth Advisors Charts.

Walgreen Co. (WAG) posted a 1.6% drop in fiscal fourth-quarter profit as sluggish front-end sales offset growth in revenue and prescription sales.

Shares rose 3% to $35.25 in premarket trading as earnings topped analysts' expectations. The stock through Monday's close is up 39% this year as the nation's largest drugstore chain is working to bounce back from retail weakness as sales of non-pharmacy items lag improved sales in its pharmacy unit. The troubles have been seen at rivals as well.

Meanwhile, Walgreen has scaled back expansion, is rolling out a more streamlined store format and will supply prescription drugs directly to Caterpillar Inc. (CAT) workers and retirees starting next year. Meanwhile, drugstores are expected to benefit from a cold-weather return of the H1N1 virus in the U.S.

For the period ended Aug. 31, Walgreen's profit fell to $436 million, or 44 cents a share, from $443 million, or 45 cents a share, a year earlier. The results included gains of 4 cents and 5 cents, respectively.

Net sales rose 7.6% to a company-record $15.7 billion, as same-store sales increased 2.4%. They fell 1.4% at the front end and climbed 4.5% at the pharmacy.

Analysts polled by Thomson Reuters were expecting earnings, excluding items, of 39 cents a share on revenue of $15.68 billion.

Gross margin rose to 27.7% from 27.6% on stronger retail pharmacy margins, helped by increased generic-drug sales. Non-retail operations and added inventory costs, however, held down the margin rise. Walgreen also manages workplace health-and-wellness centers.

Prescription sales, which accounted for two-thirds of sales, increased 9% overall.

Drugstore chains' promotion of discount drug programs have helped reduce prices and led to greater use of generic drugs. Walgreen's prescription sales growth comes on the heels of rival CVS Caremark Corp.'s (CVS) statement in August that it saw no recession in its prescription-drug business.

Walgreen said it opened 149 new drugstores during the quarter, compared with 162 in the third quarter and 199 a year ago. It said it expects organic store growth of 4.5% and 5% in the new fiscal year, and 2.5% to 3% thereafter.

-By Mike Barris, Dow Jones Newswires; 212-416-2330; mike.barris@dowjones.com

 
 

1 Year Australian Wealth Advisors Chart

1 Year Australian Wealth Advisors Chart

1 Month Australian Wealth Advisors Chart

1 Month Australian Wealth Advisors Chart

Your Recent History

Delayed Upgrade Clock